Overview
- An attacker gained control of StablR’s minting multisignature account, added their own address, removed other owners, and minted about 8.35 million USDR and 4.5 million EURR.
- The sudden minting drove sharp depegs for both tokens, with EURR falling roughly 23% from its peg and USDR sliding about 30% from its peg.
- The attacker routed the new tokens into decentralized exchange pools but drew only about 1,115 ETH in swaps because of thin liquidity, worth roughly $2.8 million.
- Security firm Blockaid called the incident a key-management and governance failure rather than a smart contract bug and StablR had not issued a public statement at the time of reporting.
- The breach fits a broader pattern of recent DeFi attacks that exploit compromised admin keys, and on-chain tracing, exchange cooperation, and regulatory scrutiny are likely next steps for recovery and oversight.